LONDON, July 2, 2026, 16:03 BST
- Anglo American was shown at 3,737p, up 0.4%, late in the London session; the stock remains about 12% below its 4,239p June 2 high.
- Teck Resources Limited (TSE:TECK.B; NYSE:TECK) has started the shareholder election process for its merger with Anglo; each Teck share is to be exchanged for 1.3301 Anglo shares, or exchangeable shares for eligible Canadian holders.
- Anglo’s next dated tests are the Q2 production report on July 23 and half-year results on July 30.
Anglo American plc (LON:AAL) rose in late London trade on Thursday, but the gain did not close the discount to its early-June peak as the market weighed a fresh Teck merger step against copper output, De Beers sale risk and the July production calendar. London Stock Exchange regular hours run from 0800 to 1630 local time, putting the stock inside the main session at the 1603 BST dateline.
Davy showed Anglo at 3,737p at 1602 BST, up 15p, or 0.4%, on 20-minute delayed data, with a day range of 3,661p to 3,789p. Investing.com historical data put the June 2 high at 4,239p and Monday’s close at 3,627p, meaning the stock has rebounded about 3% from Monday but is still about 11.8% below that June high.
| Price marker | Latest figure | Read-through |
|---|---|---|
| Last shown price | 3,737p | Up 0.4% on the day |
| Intraday range | 3,661p–3,789p | 128p swing |
| June 2 high | 4,239p | Stock still about 11.8% below peak |
| Move from June 29 close | About +3.0% | Partial recovery after Monday fall |
That gap matters because the stock is no longer trading only as a diversified miner. Four items now drive the near-term equity case: Teck settlement mechanics, De Beers sale terms, coal-sale cash and July production data. Anglo says the Teck combination would create Anglo Teck, a top-five global copper producer with more than 70% copper exposure.
Teck said on June 30 that it mailed a letter of transmittal and election form to registered holders of its Class A and Class B shares under the court-approved plan of arrangement. The election deadline has not yet been set; Teck said it would announce it at least seven business days before the deadline.
Anglo’s own operating base gives the market less room for a clean rerating before July numbers. In Q1, copper production rose 1% to 170,400 tonnes, premium iron ore slipped 2% to 15.2 million tonnes, and rough diamond output rose 17% to 7.1 million carats. The company kept 2026 guidance at 700,000–760,000 tonnes for copper and 55–59 million tonnes for premium iron ore.
| 2026 check | Latest company data | What July data must answer |
|---|---|---|
| Copper | Q1 output 170,400 tonnes; 2026 guide 700,000–760,000 tonnes | Whether H2 weighting still holds |
| Premium iron ore | Q1 output 15.2 million tonnes; 2026 guide 55–59 million tonnes | Kumba rail and port performance |
| De Beers | Q1 output 7.1 million carats; realised rough price down 19% to $101/carat | Sale price and demand mix |
| Coal exit | Sale agreed for up to $3.875 billion | Timing of upfront cash |
De Beers remains the hardest piece to price. De Beers CEO Al Cook told Reuters on June 16 that he was hopeful a sale would happen in “weeks rather than months” and said, “We’ve never been closer than we are to a sale.” Reuters reported two consortia were still in contention for stakes in De Beers. Reuters
Anglo has also agreed to sell its Australian steelmaking coal business to privately held Dhilmar for up to $3.875 billion in cash, including $2.3 billion upfront and up to $1.575 billion tied to coal prices. Chief Executive Duncan Wanblad said the transaction would “complete our exit from steelmaking coal”; completion is expected by the first quarter of 2027, subject to clearances and other conditions. Anglo American
The copper growth story has a longer fuse. Anglo and Chile’s Codelco have agreed a joint mine plan for Los Bronces and Andina that is expected to add an average 120,000 tonnes of low-cost copper a year, split equally between the partners, subject to environmental approvals and other conditions expected by 2030. Wanblad said the next step was the “timely receipt of the permits.” Mining
The wider market gave only partial help. The FTSE 100 (INDEXFTSE:UKX) was up 0.5% at 10,532.93 by 1153 GMT, helped by healthcare and beverage stocks, while Reuters columnist Andy Home wrote that LME three-month copper had been stuck between $13,000 and $14,000 a tonne since mid-May as tariff and Gulf supply questions pulled the metal in different directions.
Anglo’s Q2 production report is scheduled for 0600 GMT on July 23. Its half-year results are scheduled for July 30.
